How will I know the Education Loan Approval Status: Do you want to study abroad? Have you applied for an education loan on the Vidya Lakshmi Portal and waiting for approval? Well, here is your answer. When you apply for an education loan on the Vidya Lakshmi portal the bank will contact you within 15 or 30 days (based on your loan category). Meanwhile, you can check the status of your application whether it has been accepted or rejected. In case the loan is approved the bank will contact you for further process and will update the same on the Vidya Lakshmi portal. Let’s discuss the steps involved in checking the application status on the Vidya Lakshmi.
Steps to Check Education Loan Approval on the Vidya Lakshmi Portal
After submitting the application on the Vidya Lakshmi Portal the bank initiates the process of loan disbursement. After every step, the bank will update the status on the portal so that the applicant can know the progress. When you apply for a loan the bank starts the verification process. They check your credit score and other criteria and then your application will be considered. It is not necessary that you will get the exact loan amount which you mentioned in the application. The bank may offer you a lower amount subject to the terms and conditions and the required eligibility criteria. Check the steps through which you can check your status of loan approval on the Vidya Lakshmi portal.
Also Read: Always keep your documents handy and up-to-date so that your loan can be approved easily. Check this blog on the Vidya Lakshmi Portal Documents Required
Login to the Vidya Lakshmi Portal
Visit the official website of the Vidya Lakshmi portal and log in to your profile. Once you log in to the portal a Dashboard will appear on the screen. There will be multiple options on the dashboard which will show all the details regarding your loan application like the common application form, edit profile, grievances, application status etc.
Select Application Status
On the dashboard page, you will see the ‘Application Status’ button. Click on application status and check the status of your loan. It will show all the applications which you submitted for an education loan. These details are shared by the bank on the portal after each step. Usually, the time taken by the bank to access your application and establish contact with you for which you are supposed to respond within 15 or 30 days based on your loan type i.e. loan to study in India or abroad. Once the loan is approved, it will reflect on the application status page.
Also Read: While registering on the Vidya Lakshmi Portal for an education loan make sure that you enter all the information properly. Check this blog on the Vidya Lakshmi Portal Registration Process
What if the Loan is Rejected?
Vidya Lakshmi portal helps you to get education loans easily at low-interest rates. However, the bank’s decision remains final regarding the education loan approval. In case you are not eligible for the loan the bank will reject the application. Also, there can be a possibility that your information is incorrect on the portal and the bank rejected your application based on the same. In this case, you can re-apply after editing your application (if required) with any bank you find best suited for you.
FAQs
You can easily check your application status on the Vidya Lakshmi portal by logging in to your profile.
You can change your bank even after the loan is approved. You can raise the issue on the portal or contact the bank to initiate the process.
You can edit your application on the Vidya Lakshmi portal by clicking on the ‘edit application’ tab.
This was all about How will I know the Education Loan Approval Status on the Vidya Lakshmi portal. Always keep an eye after applying for a loan as the bank allows a limited time after loan approval for further processing.
To know more about the Vidya Lakshmi portal, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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